Consolidating for finances

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Regardless, it takes around one month for a remortgaging deal to go through, so it's a good idea anyway to be ready for it.

Whatever happens, it’s good to shop around the market even if you’re not looking to remortgage your property immediately.

As you’re more likely to be paying off your mortgage for a longer period than your other debts, you are also more likely to be paying much more.

For example, if you have debts of £5,000 and remortgage with 4% interest over 20 years, you will pay just over £4,000 extra in interest.

If you’ve already paid off the bulk of your mortgage then it may not be worth paying for a remortgaging deal as the savings you make will struggle to cover the cost of the switching fees.

To help yourself save money, compare the annual percentage rate (APR) between your current mortgage and other remortgage deals on the market, then assess whether or not this will better the costs.

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